June 9 Britain's largest energy supplier,
Centrica Plc, said it would sell its 60 percent stake in
its Canadian oil and gas exploration and production joint
venture to a consortium for about 240 million pounds ($305
The sale, to Hong Kong-listed oil and gas producer MIE
Holdings Corp, The Can-China Global Resource Fund and
Swiss commodity trading firm Mercuria, is part of Centrica's
drive to focus its oil and gas exploration and production
activity to Europe.
Analysts at Jefferies, who rate Centrica as "underperform",
said the price tag was in line with their estimate of 267
The deal, subject to regulatory approvals, is expected to
close in the second half of 2017.
Centrica's share of the proceeds will be used to reduce debt
as it aims to lower its net debt to 2.5-3 billion pounds by the
end of this year.
Last year, Centrica agreed to sell its gas assets in
Trinidad and Tobago for $30 million to Royal Dutch Shell
($1 = 0.7863 pounds)
(Reporting by Noor Zainab Hussain in Bengaluru; editing by